Procter & Gamble posts higher third-quarter profit

MichelleDonley

BOSTON (MarketWatch) -- Procter & Gamble Co.
PG, +0.80%
said Thursday that its third-quarter profit rose to $2.87 billion, or 96 cents a share, from $2.59 billion, or 83 cents a share, in the year-earlier period. The consumer-products company said its core earnings rose 8% to 96 cents a share. Sales increased 5% to $20.23 billion. The company said it expects 2011 core earnings of $3.91 to $3.96 a share on net-sales growth of 4% to 5%. On average, analysts surveyed by FactSet Research expected the company to post a third-quarter profit of 97 cents a share on sales of $20.24 billion and a full-year profit of $3.96 a share. Shares of P&G declined 1.4% in premarket trade.

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